Core Insights - KBRA has assigned preliminary ratings to eight classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2025-11, which is a $334.6 million non-prime RMBS transaction [1] - The underlying collateral consists of 723 fixed-rate residential mortgages, with a significant concentration of loans underwritten using alternative income documentation [1] - The loans are classified as either non-qualified mortgages (Non-QM) at 56.1% or exempt at 43.9% [1]

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM5, a $500.9 million non-prime RMBS transaction sponsored by Rithm Capital Corp [1] Group 1: Transaction Details - The total size of the transaction is $500.9 million [1] - The transaction is categorized as a non-prime RMBS [1] - Rithm Capital Corp, formerly known as New Residential Investment Corp, is the sponsor of the transaction [1] Group 2: Underlying Mortgages - The underlying mortgages in the pool were primarily originated by Champions Funding, LLC (31.9%), NewRez LLC (24.8%), and Home Express [1]